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Paragon launches proc fees for switch products
Paragon Mortgages has announced it will be introducing procuration fees for brokers across its full range of switch products.
The fee will be paid at a rate of 0.25% and is in recognition of the work intermediaries do to deliver good outcomes for existing buy-to-let customers.
Paragon explained that the fee is payable only where the broker is acting on behalf of the customer in the product switch process.
John Heron, managing director of Paragon Mortgages (pictured above), said its intermediary partners were fundamental to ensuring the right products were delivered to the right customers.
“We have made significant improvements in our range of switch products, which we believe compare very well with options available elsewhere in the market.
“Where a broker recommends a Paragon switch product and is proactively engaged in the process, we believe that it is appropriate that the intermediary is rewarded.”
The news follows a series of new product range launches this year from Paragon, including a new buy-to-let and residential mortgage range.
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